Diversified Energy

Diversified Energy agreed to acquire Birch Resources for about $1.8 billion, adding roughly 480 net wells, ~68,000 barrels of oil equivalent per day and ~1.2 trillion cubic feet equivalent of reserves. The deal would raise Diversified's Permian production from ~9,000 to ~77,000 boe/d and increase projected Permian adjusted EBITDA from $64 million to $612 million. The company plans to finance the transaction mainly with asset-backed securities arranged with Carlyle, expects operational synergies and targets nearly $2 billion of deleveraging over four years while more than doubling free cash flow. » More on finance.yahoo.com

Diversified Energy said David Johnson is stepping down as board chair and leaving the board effective immediately. Founder and CEO Rusty Hutson Jr. will immediately assume the chair of the board. David Turner Jr. will become lead independent director and Martin Thomas is joining the compensation committee. » More on de.investing.com

Diversified Energy has appointed Kirk Oliver, with immediate effect, as an independent, non-executive member of the board of directors. Oliver brings about 20 years of experience in the energy and financial sectors, most recently as Executive Vice President and CFO of Equitrans Midstream and previously as CFO of UGI. He will serve on the board's audit and risk committee and its sustainability and safety committee. » More on de.investing.com